Financial Management

This article takes a big picture look at financial features in MacPractice, including the Ledger Audit Trail, recommended reports, Collections Management, and Accounting Ability. For information on the billing workflow, please see the New User guides. 

See the article about managing user activity for more information about tracking user actions. Setting up individual users is important for tracking access and is a good step towards accountability.

Recommended Reports
Running financial reports on a regular basis will let you see what has occurred as well as help you to notice any trends or patterns if you need to investigate any irregularities. 

Daily Reports
There are several financial reports that are helpful to run on a daily basis. MacPractice offers reports on just specific items; for example you could run a report to view procedures, payments, refunds, or adjustments entered. There are also reports for daily summaries such as the Day Sheet or the Daily A/R.

Monthly Reports
Many of the same financial reports are available on a monthly scale. In addition, items such as Earned Receipts and Production by Month will show relation between procedures and payments entered. Accounts Receivable is an all-time cumulative calculation of outstanding balances. 

Annual Reports
At the end of the year, MacPractice recommends saving a copy of the end of year backup to an external drive as well as printing or saving important reports to PDF. Many reports also have an option to export the results.   Most of the monthly recommended reports may be run with an entire year's data, such as the production reports. Others may be in real-time like the Accounts Receivable.

Auto Reports
The Auto Reports Manager is located in the Reports Ability at the bottom of the Sidebar. Use this tool to have reports generated and saved to a file on a daily basis with no user interaction.  

Claim Manager
If you are concerned that charges were entered but the claims were overlooked, use the Claim Manager to find available new claims. The claim managers also include lists of open claims, paid claims, and your insurance appeals which all match the reports. Using these managers is often a part of the biller workflow. 

Collections and Collections Manager
In the unfortunate event that patients do not remit payment in a timely fashion and they must be sent to collections, it is important to manage these accounts correctly so they do not affect the accuracy of reports. Use these articles to flag accounts and adjust ledgers if needed.
If you haven't opted to utilize TSI Systems' Collection Manager, the Standard Process for managing Collections accounts is available for offices without TSI Systems. If you have purchased that option, you can review and utilize the Collections Manager to manage your Collections accounts.

Ledger Audit Trail & History Report
The History Report allows you to review all actions performed by a user in MacPractice. However, there are times when only financial information is required. The Ledger Audit Trail, located in the Managers Ability, contains several options for investigating financial actions. You may find actions by specific users, audit 

Ledger Activities: Find users’ actions in a specific account or broaden the date range to view all actions taken  for all accounts during that time frame.

Ledger DB Audit: Use this report to audit any user, table, or action. For example, search for the action ‘Delete’ to see all financial items deleted from any account.

Ledger History: This report is a great tool for searching specific patient accounts for missing or edited information. Choose the date on the top right corner. It will display the Ledger as it looked at that time. Listed below the Ledger are all of the transactions that have occurred. Double click to view the Ledger after the action. Option-Double Click to view the Ledger before that action.

Accounting Ability
MacPractice Gen 9 will have an all new Accounting Ability that will show the movement of all funds throughout the system. It will replace the Ledger Audit Trail as well as work toward consolidating all financial records into one location. 

The General Ledger and Journal will show the movement of money throughout the system overall rather than on a per-patient basis. Insurance and Provider Nodes let you review the flow of credits and debits, again on a larger scale than a single patient ledger and with more detail on the moves than a report would display. 

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